You are currently working on UAT 

Many individual projects or one mammoth project?

We are about to launch into a large-ish translation project with maybe 150 InDesign files, which have to be translated using the icmls - so each of the 150 files will turn into 20-50 icml files.

Each InDesign file may go through rounds of revisions in the source language while the translation is happening, so updating will be required. I figured out a workflow for this, but my wonderment is (calling all experienced project managers...) whether I should organize this as one project with each InDesign file in a sub-folder or as 150 individual projects? There is the alternative to have a certain number of projects (by subject area), each of which would contain 5-20 InDesign files.

In terms of workability, stability etc. which is preferable?

Daniel